Va. Plans Own Cuts As President Slated To Talk About Fiscal Cliff

WASHINGTON (WUSA) -- Friday, President Obama will talk about the automatic tax hikes and severe budget cuts due to go into effect in January. He's expected to urge Congress to act to avoid the so-call "fiscal cliff" that could plunge the economy back into a recession.

The congressional budget office said Thursday if all the tax cuts and spending cuts do take place, it will push the country's unemployment rate above nine percent within a year.